Information  X 
Enter a valid email address

William Hill PLC (WMH)

  Print      Mail a friend       Annual reports

Tuesday 04 December, 2012

William Hill PLC

Withdrawal from market

RNS Number : 7343S
William Hill PLC
04 December 2012
 



William Hill PLC

 

Withdrawal from market

 

4 December 2012

 

William Hill PLC ("William Hill") today announces that William Hill Online will no longer make its products available to customers located in Greece until such time that there is greater clarity on the regulatory approach to be taken by the Greek authorities in relation to such customers.

 

On 5 November 2012, the Greek Gaming Commission issued a Decision that includes provisions for financial penalties and criminal sanctions against gaming operators that continue to accept custom from the market after 5 December without a locally issued licence. William Hill believes that there are significant issues with the legality and enforceability of these proposals; however, until greater clarity is received, it has taken the decision to withdraw from this market.

 

Based on legal advice, it considers the gambling legislation in Greece to be inconsistent with European law and the associated fiscal conditions attached to these licences - which may include payment of retrospective taxes on past revenues - makes the market economically unattractive. On this basis, William Hill Online does not currently intend to apply for a licence to operate in Greece.

 

William Hill, along with other operators, has been working with various parties to achieve legislation that allows fair competition in the market in Greece and elsewhere. William Hill is disappointed that the European Commission continues, despite previously stated intentions to the contrary, not to take effective action to prevent protectionist behaviour on behalf of member states, of which the Greek, German and Belgian regimes are only the most recent examples.

 

Prior to the decision to withdraw from Greece, William Hill Online had been expecting to generate £4-5 million of operating profit p.a. from Greek resident customers.  

 

 

Enquiries

William Hill PLC

Ralph Topping, Chief Executive

Neil Cooper, Group Finance Director

Lyndsay Wright, Director of IR

Tel: +44 (0) 20 8918 3614

Brunswick

Simon Sporborg / Sophie Brand / Oliver Hughes

Tel: +44 (0) 20 7404 5959

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCUGGMUPUPPGQC